Spotify to sack 1,500 people in latest round of layoffs this year, shares jump

Stockholm: Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17 per cent of its workforce, to bring down costs, after letting 600 of its staff go in January, and 200 more in June.

Its US-listed shares soared about 11 per cent to trade near their two-year high of $200.46 in early trading.

After a round of job cuts at the start of the year by tech companies, some have begun reducing their workforce again, with announcements coming from Amazon to Microsoft-owned LinkedIn.